Shark Tank’s Barbara Corcoran sells Red Hook mixed-use building for $1.6M
293 Van Brunt Street (Credit - Google)
Lisa Dellaportas through the entity Right Hook LLC paid $1.6 million to Barbara Corcoran through the entity 293 Van Brunt LLC for the two-unit mixed-use building (S2) at 293 Van Brunt Street in Red Hook, Brooklyn. Barbara Corcoran is the founder of the Corcoran Group and executive producer of the television show Shark Tank.
This is Corcoran’s second sale in the past year. In December 2021 she sold 65 Lafayette Avenue in Fort Greene, Brooklyn, for $3.2 million.
The deal closed on August 19, 2022 and was recorded on September 26, 2022. The property has 2,590 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $623 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 4, 2005, for $1.1 million.
Prior sales and revenue
The former owners according to the Department of Housing Preservation and Development includes Thomas Higgins, head officer and Barbara Corcoran, shareholder. The business entity is 293 Van Brunt Llc.
The property
The 293 Van Brunt Street parcel has frontage of 17 feet and is 69 feet deep with a total lot size of 1,219 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $564,000.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $300 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The neighborhood
In Red Hook, the bulk, or 49 percent of the 9 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 28 percent of the space. In sales, Red Hook has 2.4 times the average sales volume among other neighborhoods with $802.4 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 961,526 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
There are two active new building construction projects totaling 9,848 square feet. The largest is a three-unit, 5,730-square-foot R-2 building developed by Eli Fernald with plans filed October 15, 2018 and permitted January 13, 2021. The second largest is a two-unit, 4,118-square-foot R-3 building developed by Joshua Dardashian with plans filed June 3, 2019 and permitted December 5, 2019.
The majority, or 43 percent of the 38,079 square feet of built space are industrial buildings, with specialty buildings next occupying 33 percent of the space.
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